In a world of a tough economic recession, people are cutting back in whatever way they can. From plundering movie and music sales to even the game industry, there's no denying that people are looking to save in any way they can. That is precisely why Microsoft's announcement today (via Major Nelson's blog) that they would be upping the price of Xbox Live in the US, UK, Canada and Mexico is a real headscratcher.

Sure the service is far and away the most reliable and fully-featured of the three online gaming consoles, but the price-increase doesn't quite seem justified in the eyes of the many commenters around the web. Of course, the rage will eventually die down and the people threatening to cancel their accounts will more than likely enter their credit card information with their tails between their legs as their Gold account expires.

Microsoft has suggested the numerous features of Xbox Live, such as Twitter, Facebook, Netflix and the newly implemented ESPN as the support for the price increase. The one question we're wondering though: does this mean 1 v. 100 will be coming back?

Check out the changes that take place on November 1st, 2010 and plan your renewal accordingly!

For US Customers:
1 Month:
Current: $7.99 New: $9.99
3 Months:
Current: $19.99 New: $24.99
12 Months:
Current: $49.99 New: $59.99

For UK Customers:
1 Month:
Current: 4.99 GBP New: 5.99 GBP

For Canada Customers:
1 Month:
Current: $8.99 CAD New: $9.99 CAD

For Mexico Customers:
1 Month:
Current: 499 Pesos New: 599 Pesos